Highlands Plaza, at 1001 West Highlands Plaza Dr., was bought for $28.6 million. A Sun Life spokesman tells GlobeSt.com that the office building is 100% occupied, with major tenants being Clear Channel and the Daniel & Henry Co. William Barres, managing director with Sun Life, negotiated the purchase.
According to the City of St. Louis, Highlands Plaza is a five-story, $25-million structure that was completed in 2000, and was set to be connected to another office building, Highlands Plaza Two, through a 582-car parking garage with vines and greenery covering the exterior, as the entrance to a new, one-million-sf office park that includes the $34-million Lofts at Highlands apartments, a hotel and retail. It's not clear whether those plans will still be carried out. The site was formerly the home of the Highlands Amusement Park, and developers Balke Brown earned brownfield incentives in their new construction.
The six-year-old Commerce Center buildings, at 909 N. 20th St. and 900 N. 23rd St., were sold for $25.8 million. Sources say these buildings are also 100% occupied, with tenants including Gateway CDI. Steve Brown, principal and CEO of Balke Brown, tells GlobeSt.com, "We're not commenting on the sale."
The Sun Life spokesman says the company feels there's value in the properties. "They're worth the investment," he says. The firm owns a 115-building real estate portfolio in the US with a value of $1.2 billion, he says.
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